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Archive by Month: September 2022

IRS (and IRS CI) Continue To Target PPP Loan Fraud

Offshore Account Update

Posted on September 30, 2022

The federal government has struggled with Paycheck Protection Program (PPP) loan fraud since launching the program at the height of the pandemic in 2020. In addition to fraudulently obtaining loans, federal authorities—including the Internal Revenue Service (IRS) and IRS Criminal Investigations (IRS CI)—are also targeting businesses and individuals for fraudulently obtaining loan forgiveness. The PPP allows loan recipients to self-certify that they meet the program’s forgiveness requirements and avoid repaying their federal funds.Read More

Does Your Massachusetts Business Qualify for the IRS’ Work Opportunity Tax Credit?

Offshore Account Update

Posted on September 16, 2022

The Internal Revenue Service (IRS) recently extended the federal work opportunity tax credit through 2025. This credit allows businesses to reduce or eliminate their federal income tax liability by hiring workers in 10 “targeted groups.” For businesses that qualify, claiming the work opportunity tax credit can offer substantial financial benefits. However, qualifying businesses must be careful to claim the credit correctly, as the IRS has recently enhanced its scrutiny of businesses (and individuals) claiming tax benefits under these types of federal relief programs.Read More

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